Deutsche Bank Vice President Christian Sewing Set To Take Over Top Job

09/04/2018

Late Saturday, Deutsche Bank confirmed that the Sunday meeting would take place.?After a supervisory board meeting, that board's president, Paul Achleitner, would notify the overall board by phone about any decisions taken.

Last week Cryan issued a statement to employees saying he is "absolutely committed" to the bank after reports emerged that Deutsche Bank was looking for his successor. It says a comprehensive analysis led to the conclusion it needed "a new execution dynamic" in its leadership.

"The Supervisory Board in general and I personally are grateful for this", he said.

Sewing had been a management board member of Germany's largest lender since January 2015 and was appointed as the bank's president in March 2017.

Handelsblatt said last month that Deutsche Bank remains "what it was when Cryan took the helm: a chronic patient".

However, German financial magazine Handelsplatt described Deutsche Bank as a "chronic patient" that Cryan was unable to heal during his short tenure as CEO. But the bank lost 735 million euros ($903 million) a year ago.

Mr Cryan was appointed as co-chief executive in July 2015 to overhaul the bank following a number of regulatory problems stretching back to before the financial crisis. Schenk had also been considered a candidate for the top job.

Deutsche Bank says its new chief executive officer "has proven himself a strong and disciplined leader" in his more than 25 years there. "It seems rather to be a fundamental "Deutsche Bank problem".

"He had to battle serious problems that his predecessors swept under the rug for years", Markus Riesselmann, analyst at Independent Research, told AFP.

Sewing, now head of the bank's private and commercial banking division, has been with the company since 1989. "We trust in the great ability of this bank and its many talents".

The choice of Sewing over investment banking chief Marcus Schenck, who had been discussed as a possible successor to Cryan, points to a strategic shift toward retail banking in its home market Germany.

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